BPMG joins XPLA as validator

Hong Kong Analyzes Web3 Approach of Regional PeersHong Kong’s ambitions in Web3 are on the rise as it strives to establish itself as a global hub for digital assets. The Research Unit of the Legislative Council Secretariat of Hong Kong has recently released a summary of a document titled “Development of Selected Regional Web3 Technologies,” shedding light on the city’s involvement in Web3.According to the report summary which was published on June 14, the Hong Kong government is actively promoting the development and utilization of Web3. In the fiscal budget for 2023–2024, the Financial Secretary announced accelerated efforts to build Hong Kong’s Web3 ecosystem, along with the establishment of a dedicated development task force focused on virtual assets.Photo by Jimmy Chan on PexelsPace of developmentHowever, concerns have emerged about Hong Kong’s comparatively slower pace of development in contrast to other regions. Various regions across the globe, particularly in Asia and the Gulf region, have implemented measures to expedite the progress of Web3 and its associated technologies and applications.To address these concerns, the report suggests that Hong Kong should broaden its focus beyond financial services and virtual assets. Instead, it should actively promote innovation in other areas of Web3 technology, such as blockchain and metaverse technology.Scrutinizing regional Web3 developmentIn response to a request from Councilor Wu Kit Ching, the research group has conducted a study on leading regions in Web3 technology and application development, examining their strategies.The study primarily highlights Japan, Singapore, South Korea, and the United Arab Emirates (UAE) as these regions have demonstrated proactive approaches in developing Web3 technologies, and they have become global or regional innovation hubs. Japan, for instance, has established high-level policy guidance and dedicated offices to coordinate Web3 policies across various government departments.Other regions covered in the study have focused on specific areas of Web3. Singapore and the UAE, for example, are exploring blockchain technology through industry collaborations and the establishment of incubation centers. Meanwhile, South Korea is actively launching metaverse strategies to foster innovation across multiple sectors.The summary also provides an overview of the key characteristics, foundational technologies, and applications of Web3. It outlines recent developments in Web3 within Hong Kong and analyzes the development scenarios of selected regions, including Japan’s comprehensive approach and the application-focused initiatives of other regions.The document emphasizes that Web3 represents a decentralized network that empowers users with greater autonomy and control over their digital lives. While the Hong Kong government has introduced measures to support the development of the Web3 ecosystem, particularly in the virtual asset market and related financial services, concerns persist regarding Hong Kong’s slower progress in other areas of Web3 technology compared to its counterparts in Asia and the Gulf region. These regions are capitalizing on their strengths and exploring broader applications of Web3.Hong Kong’s engagement in Web3 and its ambition to thrive in this domain is becoming more evident with each passing day. The summary of the document sheds light on the Chinese autonomous territory’s efforts, while also highlighting the need to expand its focus and foster innovation in various areas of Web3 technology. By doing so, Hong Kong can position itself as a prominent global center for Web3 and leverage the advantages it offers for digital asset development and beyond.

ClayStack, the crypto liquid staking platform, has made a strategic move into the Ethereum restaking arena through EigenLayer, providing users with reward points in anticipation of its upcoming token launch.Photo by Kanchanara on Unsplash‘Redefining the staking landscape’The Singaporean platform describes its mission as redefining “the staking landscape by helping users unlock the underlying value of their crypto assets, and we are doing this by building a decentralized cross-chain liquid staking protocol.” In its efforts to deliver on that mission, it appears that the crypto startup is set to convert its Ethereum liquid staking token, csETH, into a liquid restaking token, leveraging the Ethereum restaking protocol offered by EigenLayer. Eigenlayer enables restaked sidechains, through which ETH restakers can participate in Ethereum-centric consensus protocols. Reward pointsIn an announcement on Tuesday, ClayStack revealed its plan to offer reward points to users participating in Ethereum restaking, with a 1:1 ratio for redemption when the platform's token is launched. Each clay point earned will be redeemable for one clay token during the token launch. Notably, the platform distinguishes itself by offering a 1:1 redemption system, setting it apart from other points programs. Founder and CEO Mohak Agarwal explained how the project is adopting EigenLayer's protocol for this new service. Agarwal had teased that the project had something new to offer in the pipeline when taking to social media last week, writing:”We are entering into a new era where staking will become more dynamic, accessible, and rewarding for the entire DeFi community.” Currently, ClayStack accepts native ETH for direct restaking on EigenLayer. Agarwal confirmed to The Block that other liquid staking tokens, such as Lido staked ether (stETH) and Rocket Pool ether (rETH), will be integrated into the platform in the coming days. He emphasized that these tokens will be directly deposited on EigenLayer, streamlining the restaking process. Growing interest in restakingEthereum restaking has gained significant traction since EigenLayer's launch in June of the previous year, with a total value locked (TVL) in smart contracts reaching approximately $1.7 billion. Renzo Protocol recently entered the Ethereum restaking space via EigenLayer, securing a $3.2 million seed funding round. Despite being in beta, Renzo has already achieved a TVL exceeding $116 million. ClayStack's TVL currently stands at around $2.25 million, having initially launched liquid staking for Polygon's MATIC token in 2022. Following that, the platform introduced Ethereum liquid staking in September. However, the latest move marks a shift in focus towards Ethereum restaking due to challenges faced on the Polygon network. Agarwal outlined the reward structure, stating that 20 clay points will be allocated per ETH per week, with rates subject to change every Monday but generally remaining constant throughout the week. There are no minimum or maximum points for individual users, although there is a weekly total cap for all users combined, which refreshes at the beginning of each week.

Incheon City Surveying Residents for Blockchain-Based Public ServicesIncheon Metropolitan City is surveying its residents to gather their opinions on the prospect of transforming the city into a thriving blockchain hub, according to a press release.The survey comprises 14 questions, delving into various aspects such as individuals’ experiences with public services, their perspectives on blockchain technology, and their specific needs pertaining to blockchain-based urban services.Photo by Lei Jiang on UnsplashUnderstanding the publicThe objective of this survey, which began yesterday and will run until June 30, is to discern the public’s preferences and requirements concerning blockchain-based services. As an incentive for participation, 100 lucky respondents will have the opportunity to win coffee shop gift cards. The outcomes of this survey are anticipated to play a pivotal role in shaping the city’s four-year plan for establishing a blockchain hub, with an estimated cost of 14 billion KRW ($10.8 million).Other promotion effortsIncheon has been taking a range of blockchain promotion initiatives, including dedicated educational programs and international conferences. Recently, the city hosted Incheon Metanomics 2023, an event that featured distinguished speakers from renowned companies such as global crypto exchange Binance, online game platform Roblox, and chip manufacturer AMD.Furthermore, Incheon Metropolitan City is collaborating closely with Incheon Technopark (ITP) to offer tailored support programs specifically catering to blockchain startups. These initiatives encompass funding for technology development as well as accelerator programs, all aimed at nurturing the growth and success of emerging blockchain ventures.Son Hye-young, the head of the city’s data industry division, underlined the growing importance of blockchain technology in shaping the future economy and the overall industrial ecosystem. Incheon is dedicated to fostering a business-friendly environment where its residents can tangibly experience the benefits of technological advancements firsthand.